Daily Review for June 08, 2022
The World Bank lowered its forecast for global economic growth by 1.2% to 2.9%.
Traders are watching the Euro Zone GDP report, where a 5.1% increase is expected, which, if achieved, would be the confirmation of the economic bloc’s growth.
Bitcoin recovered positions from yesterday’s fall, which was due to the SEC investigation of Binance.
Traders are watching the weekly crude oil inventories report from the IEA, which is expected to decrease by 1.9 million barrels.
| GOLD -0.02% |
| The World Bank lowered its forecast for global economic growth by 1.2% to 2.9%. The reduction in the forecast is due to stagflation, war in Ukraine, confinements in China, and supply chain disruptions. As a result, companies have reduced their forecasts for business generation in the economy. Traders continue to assess a scenario of more aggressive Central Banks in monetary policy, which could affect earnings generation due to higher interest rates. |
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| Support 1: 1,849.96 Support 2: 1,848.33 Support 3: 1,847.51 Resistance 1: 1,852.41 Resistance 2: 1,853.23 Resistance 3: 1,854.86 Pivot Point: 1,850.78 |
| The price is below the 200-day moving average, between support 1 and resistance 1. Expected trading range between USD$1,847 and USD$1,854. Pivot point for trend change at USD$1,850. RSI neutral, so the price could maintain the sideways trend before a general change of it. Bulls are looking for USD$1,874 per Troy ounce. |
| EUROSTOXX 50 +0.08% |
| Traders are paying close attention to the Euro Zone GDP report, where a 5.1% increase is expected, which if achieved, would be confirmation of the economic bloc’s growth. At the moment, the Eurostoxx 50 is up 0.08% and is trading at 3,808 points. Traders are also evaluating the level of inflation in Europe, where reports indicate a promised figure of over 8%. In this scenario, and after the war in Ukraine, many EU member countries could begin to show evidence of economic recession. |
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| Support 1: 3,802 Support 2: 3,800 Support 3: 3,798 Resistance 1: 3,806 Resistance 2: 3,808 Resistance 3: 3,810 Pivot Point: 3,804 |
| Price is above the 200-day moving average, between support 1 and resistance 1. Expected trading range between 3,798 and 3,810. Pivot point for trend change at 3,804. RSI neutral, so the index could start to generate movements depending on the market’s buying or selling momentum. Sideways trend for the moment. |
| BITCOIN +3.21% |
| Bitcoin recovered from yesterday’s drop, which was triggered by the SEC’s investigation of Binance. The SEC began investigating the company over some of its customer accounts that have presented suspicious movements related to hackers, scams and drug trafficking. At the moment Bitcoin is up 3.21% and is trading at USD$30,505. The Bulls are looking to overcome the resistance of USD$32,000, in order to climb again towards USD$40,000. |
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| Support 1: 30,328.0 Support 2: 30,076.0 Support 3: 29,910.0 Resistance 1: 30,746.0 Resistance 2: 30,912.0 Resistance 3: 31,164.0 Pivot Point: 30,494.0 |
| The price is slightly above the 200-day moving average, between support 2 and resistance 1. Expected trading range between USD$29,910 and USD$31,164. Pivot point for trend change at USD$30,494. RSI neutral, so the price could continue the uptrend towards USD$32,297. |
| WTI +0.54% |
| Traders are paying attention to the weekly crude oil inventories report from the IEA, where a decrease of 1.9 million barrels is expected. At the moment the price is up 0.54% and is trading at USD$120.06 per barrel. According to one of the main global traders, Trafigura, crude oil prices could reach USD$150 per barrel due to the supply shock from Russia. Meanwhile, crude exports from the US to Europe continue to increase. Analysts expect US gasoline prices to rise to USD$5 per gallon in the coming days, driven by increased local demand. |
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| Support 1: 119.97 Support 2: 119.78 Support 3: 119.67 Resistance 1: 120.27 Resistance 2: 120.38 Resistance 3: 120.57 Pivot Point: 120.08 |
| The price is above the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$119.67 and USD$120.57. RSI neutral, so the price could continue with the uptrend towards the next resistance level of USD$130.18 per barrel. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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